The Internal Revenue Service’s (IRS) offshore voluntary compliance announcement stated that more than 100,000 taxpayers have come into compliance on their international tax obligations since 2009. The IRS has also collected more than $10 billion in tax, interest and penalties since 2009.
IRS Commissioner John Koskinen said,
“As we continue to receive more information on foreign accounts, people’s ability to avoid detection becomes harder and harder. The IRS continues to urge those people with international tax issues to come forward to meet their tax obligations.”
Here at the Boston Tax Attorney Blog we have written extensively about the Offshore Voluntary Disclosure Program (OVDP), the streamlined OVDP, FBAR and Foreign Asset Reporting Requirements, and the Foreign Account Tax Compliance Act (FATCA). Here are some of our international tax related articles:
- 30,000 Taxpayers Who Submitted Voluntary Disclosures May Be Subject to Criminal Prosecution
- IRS Offshore Voluntary Disclosure Program – Video
- I Just Received a Letter from my Bank about FATCA and my Connection to the U.S.
- 18,000 Retired U.S. Military Personnel Are Living Abroad: How Many Know About FBAR and Foreign Asset Reporting Requirements?
- Offshore Voluntary Disclosure Programs Still an Option for US Taxpayers
- What Should You Do If You Have An Undisclosed Foreign Bank Account?
- IRS Announces Changes to Offshore Voluntary Disclosure Program: Opens OVDP to More Taxpayers